Thursday

Thursday morning started with soft export sales, but 11am brought a friendly WASDE.  Corn yield at 177 was a bullish surprise, although I think at some point more exports need to materialize.  791 1/2, plus 3 with a $8 high.  Wheat stole the show with almost every report aspect positive and limit bid for a bit, closing 65 3/4 higher, 1178 3/4.  Beans up 7 to 1613 3/4 and nothing really overly friendly there, or in the products.   Rice up 17 1/2 to 1717 1/2 and nothing for a bear to hang a hat on, and heaven knows the commercial is looking for any reason to push us down.  Dow closed off another 91 points, 31,652, but that was a 500-point bounce from the lows, with bonds banging against 141 resistance, 140.30, up a point and 10 tics.  If the Dow is going to hold and bonds are going to fold, its time.